Prospects for Orchard Road malls may be better than suburban ones
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SUPPLY chain disruptions are driving up inflation, and prospects for the global economy have worsened in recent months. Rising mortgage rates could erode the buying power of consumers.
However, Singapore’s reopening and moving to live with Covid have thus far supported the recovery of malls here. Frasers Centrepoint Trust , which mainly owns suburban malls here, posted positive rental reversion for its retail portfolio for the financial year ended Sep 30, with tenants’ sales up 11.3 per cent from a year ago.
CapitaLand Integrated Commercial Trust reported that tenants’ sales per square foot at its malls rose 21.3 per cent year on year for the first nine months of 2022, with tenants’ sales at downtown and suburban malls up 36.5 per cent and 10.7 per cent respectively.
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